New Bermuda-based company Paris Re has entered into a quota-share reinsurance agreement with Triomphe Re Ltd.

Under the terms of the deal, Paris Re, which was incorporated on November 7 last year, will cede 24 percent of its property catastrophe excess-of-loss and risk excess-of-loss reinsurance business for 2007 and 2008 to Triomphe Re.

Paris Re was formerly the reinsurance unit of the Paris-based AXA Group. Triomphe Re was capitalised with about $185 million, Paris Re said.